Shareholders of French drink group Belvedere have voted to replace KPMG as
auditor after the accountancy firm triggered the company’s share price to dive
by requesting a qualification of the 2007 financial statements.

Another shareholders’ meeting will be called for August 8 to replace the
statutory auditor with an international dimension, according to interactive
investor.

KPMG wanted
Belvedere to reclassify €375m issue of floating rate notes as short-term debt.
Without that request the 2007 accounts ‘would have been certified without
qualification,’ the firm said.

Belvedere shares have been suspended since June 20 when they dived 30% after
Standard & Poor’s Corp lowered the company’s senior debt rating below
investment grade in the light of KPMG’s reservation.